This week I talk about the 5Ps.
A framework and guide on how to embed the purpose in organizations.
Today I dive deeper in the first P, which is Portfolio Strategy and Product.
When I talk about purpose when it comes to products and services it usually comes down to two things. Dare to remove products from your portfolio that no longer serves your purpose and instead introduce new ones.
You might think that changing your product portfolio is an impossible thing to ask for. But fact is that you have greater freedom and possibilities than you think to choose what your company does and how it can make a positive difference.
Research shows that companies that keep a static portfolio underperform long-term. My analysis of this is that this might be a result of customers’ needs constantly changing and actually moving towards more meaningfulness and positive impact on environment and their surroundings. Hence, it’s crucial to make sure your portfolio is up to date.
Is your Product Portfolio aligned with your purpose?
Tomorrow we’ll talk about the second P, People and Culture.
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